The problem is that U of T spans some of the best real estate in the city, and obviously students want to live near there.
Also, there aren't any U of T buildings[2] close to the Quayside cordon[3], hence I find it hard to believe that this particular project (or any) will raise rents all that much for students attending U of T on the St. George campus.
[1] https://www.studentlife.utoronto.ca/hs/st-george-residences